Features of getting a permit in Poland
Despite the crypto winter, interest in the crypto industry remains quite large. As a result, there are a lot of different organizations that seek to work legally in the EU. It will be good for them to get a Poland crypto license. This jurisdiction establishes relatively simple rules for licensing and regulating the crypto industry and simple taxation. Crypto regulations in Poland offer the most specific conditions, which is why this jurisdiction is popular among companies looking for a jurisdiction to obtain a permit.
How the crypto industry is regulated: basic provisions
Today, this country is one of the few that has developed relatively straightforward rules for regulating the crypto industry. You can use such assets to pay for goods and services if both parties to the transaction agree to this. In addition, you can use such currencies for trading or mining.
You must get a license to earn cryptocurrency in Poland and create your own company. Those companies that refuse this idea will be automatically recognized as fraudsters, the platform may be blocked, and the owner will have to pay a reasonably hefty fine.
Can I legally run a crypto business?
In Poland, crypto business can operate legally, provided it has passed the check and received a work permit.
Governments of countries are developing different strategies for regulating such businesses. Some, like China, completely ban crypto industries, while others, like El Salvador, have made them completely legal and equated bitcoin with their national currency. However, most countries in the EU are trying to learn how to control this industry to protect their citizens from fraud and money laundering.
Poland is included in the list of countries where the legal support of the crypto industry is at a sufficiently high level, which allows such a business to develop if it is ready to work according to specific rules.
Requirements for applicants
This country sets specific requirements for applicants. There are only a few requirements here – no criminal record, competence, and reputation. In addition, you must comply with the AML policy.
No criminal record
The leaders and shareholders of your organization should have been fine with the law in the past. If you or members of your company have previously been involved in fraudulent activities or money laundering, you will not be able to obtain a work permit.
You must provide proof that you have no criminal record.
Competence and reputation
The leaders of your company must have an excellent reputation. They must have experience in the relevant position, at least specialized education, and an understanding of how your business should function. Your team must understand the legal and practical issues associated with digital currencies.
AML Policy Compliance
The country’s government wants to be sure that your platform will not be used for money laundering. So, you need to verify customers’ personal data and control all transactions. You should report it to government agencies as soon as you notice unusual activity.
Your company should employ a specialist whose duties will include monitoring the activities of staff and clients to prevent money laundering and financial terrorism. This specialist must have an impeccable reputation, experience in this industry, and specialized education. So, you must verify each user and store data about all transactions. It is one of the few countries that allows users to make anonymous transactions. Previously, the number of such transactions should be 15,000 euros, but then it was reduced to 1,000 euros.
The scope of crypto services is regulated by law
Poland’s cryptocurrency regulation requires organizations that plan to earn on the exchange of crypto assets for other crypto assets, fiat or various virtual currencies, to receive a license.
Types of licenses for working with cryptocurrencies
In this country, there is only one type of license that companies that want to profit from the exchange or storage of crypto assets must obtain. Thus, if you’re going to open an exchange that will exchange crypto assets for crypto assets or fiat or other electronic currencies, you need to get a single license.
The same goes for crypto wallets. You must get a cryptocurrency license in Poland if you store cryptocurrency and charge a fee.
Cryptocurrency tax
There is no tax on cryptocurrency in this country, but all organizations operating there must pay taxes.
This country has agreements with 80 countries to avoid double taxation, making it more attractive for many organizations.
After getting a permit, organizations need to regularly pay several taxes, including corporate tax (19%), VAT (23%), and dividend tax (19%). There are tax incentives for small companies with an annual income of fewer than 2 million euros, and their corporate tax rate is only 9%. It makes the country more attractive for small and medium-sized businesses.
It should also be said that the exchange of fiat currencies for crypto (and vice versa) is not subject to VAT, but other services with crypto assets are subject to taxation.
You can contact our specialists if you need help understanding all taxation aspects. They will answer possible questions and help you calculate how much taxes you will have to pay.
What documents do you need?
Poland’s cryptocurrency regulation does not require a large package of documents. If you contact the specialists of our company, they will take care of the registration documents. You need to provide copies of your passport and company charter.
All documents must be in Polish. You must make an apostille translation if you are a non-resident of the country.
If you decide to order the services of our company, you need to issue a power of attorney for our lawyers. Then they will be able to represent your interests in government agencies.
What is the price?
The cost of a crypto license depends on several factors – authorized capital, apostille translation, state fees, and what services of our company you order.
You can outsource obtaining a cryptolicense on a turnkey basis to our company. In this case, specialists will help you find an office and find specialists for important positions. Your participation in obtaining a work permit will be minimal. But, if you want to save money and actively participate in obtaining a license, you can choose only a part of the services.
Stages of obtaining a permit
To get a work permit, you must go through 3 critical steps.
How to register an organization?
To begin with, you need to think over all aspects of the future company. So, it would be best to choose a name (preferably several, in the future, they will be checked for uniqueness), a business model, and what services you will provide and develop software. After the preparatory stage is behind you, you must register an organization in this jurisdiction. To do this, you must prepare documents for remote registration, 2 electronic signatures, and primary declarations to the tax office. You also need to rent a legal address for 1 year and pay the state fee. It usually takes about a week to register a company.PESEL: how to get it?
PESEL is a unique tax number that every company must have. Documents can be submitted remotely. You need to submit copies of your passport. You need to make an apostille translation if you are not a country resident. The tax number is set within 30 days, but this procedure usually takes less time. After you receive confirmation, you need to contact the consulate to activate ePUAP. After that, you can start obtaining a license.Registration
To get into the Register, you need to prepare documents describing your company’s activities, pass an AML policy check and pay a state fee. It will be good if a specialized lawyer reviews all the documents you provide to ensure they are drawn up correctly. If government authorities notice any mistakes, they can return your company for revision, which can take a lot of time. If all documents are in order and your company meets all the requirements, then consideration of your application takes an average of 2 weeks.What benefits of obtaining a permit in this jurisdiction?
Having a crypto license in Poland has a considerable number of advantages. Firstly, you can legally work in the EU and avoid government regulation problems. However, this jurisdiction has many other benefits:
- The stable economic situation in the country;
- Excellent investment climate;
- Low requirements for crypto organizations;
- Favorable taxation;
- Fast deadlines for obtaining a work permit;
- Low requirements for authorized capital;
- No mandatory local employee.
What happens if I don't get permission or don't comply with the requirements?
Your company must obtain a license and regularly provide reports on its activities. In addition, every company is required to pay taxes and comply with the AML policy.
If you do not comply with all requirements, you must be prepared that your license may be revoked. If you operate without permission, you will be forced to stop your activities and pay a fine of approximately ,000.
How can you lose your work permit?
First, government agencies have the right to refuse you at the licensing stage if your organization does not meet all requirements (for example, it does not pay attention to selecting employees with a good reputation). In this case, you can change the company’s activities and try to get a license again. To avoid such mistakes, you should immediately contact our specialists.
Secondly, the license is perpetual, but you must regularly report on your activities. If government authorities suspect you of fraud or money laundering, you may lose your work permit.
Thirdly, you can stop your activities yourself. To do this, you must apply and be removed from the Register within 2 weeks.
Our services
If you cannot independently understand the conditions of regulation of cryptocurrencies in this jurisdiction, we advise you to contact our specialists. They will analyze your company’s activities and tell you how this country suits you for licensing. You can ask your questions and get a full consultation on this issue. The list of services includes:
- Consultation;
- Checking your company’s readiness for licensing;
- Assistance in paperwork;
- Search for personnel that meet all the requirements of government regulators and much more.
How can we help you?
If you want to get a work permit in the shortest possible time, you should contact the specialists of our company. They will check how ready your company is for obtaining a license and what you need to improve; they will help to collect the necessary package of documents and will be able to represent your interests in state bodies. Among the main advantages of our company are:
- Low prices;
- Extensive work experience;
- Attention to detail;
- Good understanding of all legal processes.
In the end
Having a license is mandatory if you want to work in this country. A permit in this jurisdiction has many advantages – ease of obtaining, low taxation, and lack of strict reporting requirements. Obtaining a license in this jurisdiction is tricky if you do not have a law degree, so we advise you to contact our company’s specialists to solve the problem as soon as possible.FAQ
To obtain a work permit in this jurisdiction, you must register a company, get a PESEL, and register in a particular registry.
Yes, the company owner can be a non-resident, but you must choose the director and other team members carefully. The jurisdiction itself does not establish citizenship requirements, but it will be good if the company’s director is a resident of this country.
This jurisdiction has many advantages – simple regulations, low taxes, and a good investment climate.
Yes, every company that wants to be included in the Register must pass a small check for compliance with the basic requirements of the state regulator.